CNOOC Limited Announces Key Operational Statistics for Q3 2017

Source: www.gulfoilandgas.com 10/25/2017, Location: Asia

CNOOC Limited announced its key operational statistics for the third quarter of 2017. For the third quarter of the year, the Company achieved a total net production of 116.2 million barrels of oil equivalent (“BOE”), representing a decrease of 1.3% year over year (YoY). Production from offshore China decreased 2.4% YoY to 73.8 million BOE, mainly due to production decline of producing fields. Overseas production increased 0.7% YoY to 42.4 million BOE.

During the period, the Company made five new discoveries and drilled nine successful appraisal wells. Successful appraisal of Wushi 16-1W is expected to promote the development of Wushi oilfield Phase II and build it into a mid-to-large size oilfield. In overseas, new progress of exploration in Stabroek block has been made, including the successful appraisal well Payara-2 and the new discovery well Turbot-1.

To date, four out of five new projects planned for this year have commenced production. Weizhou 12-2 oil field Phase II is under installation and commissioning and expected to commence production within the year.

For the third quarter of the year, the unaudited oil and gas sales revenue of the Company reached approximately RMB 35.94 billion, representing an increase of 16.9% YoY, mainly due to the increase of average realized oil and gas prices. During the period, the Company’s average realized oil price increased 20.4% YoY to US$50.87 per barrel, which mainly due to the increased international oil prices. The Company’s average realized gas price was US$6.05 per thousand cubic feet, representing an increase of 15.9% YoY, mainly due to the increasing percentage of sale volume of high-price in project offshore China and the rise of benchmark gas prices overseas.

For the third quarter of the year, the Company's capital expenditure reached approximately RMB 11.78 billion, almost flat from the same period of last year.

Mr. Yuan Guangyu, CEO of the Company, said, “During the third quarter of the year, the Company made every effort to fully tap potential, constantly push forward quality and efficiency enhancement. Meanwhile, we are confident that we will achieve our production and operation targets for the year and continuously create greater value for the shareholders. ”


Norway >>  7/6/2022 - A number of fields on the Norwegian Continental Shelf now have revised production licences authorised by the Ministry of Petroleum and Energy (NCS). I...
Australia >>  7/4/2022 - Jadestone Energy plc, an independent oil and gas production company focused on the Asia-Pacific region, provides the following update on operations at...

United Kingdom >>  7/4/2022 - IOG plc, the Net Zero UK gas and infrastructure operator focused on high return projects, has released an updated Investor Presentation incorporating ...
Kuwait >>  6/30/2022 - Dr. Muhammad Abdul Latif Al-Fares, His Excellency the Deputy Prime Minister, Minister of Oil, and Minister of State for Council Affairs, led the State...

Kuwait >>  6/30/2022 - Today, Thursday, the members of the (OPEC +) coalition decided to increase output by 648,000 barrels per day in August. Following the 30th ministerial...
Norway >>  6/30/2022 - The authorities have granted consent to start production from the Nova field in the North Sea. Nova will be developed with two seabed templates, one f...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.